Families making the most of the Australia Day long weekend will enjoy some much needed relief as petrol prices are expected to fall in Sydney and across regional NSW.
An oversupply of oil on the Asian market has seen Australia’s international benchmark price – Singapore Mogas – fall from US$77.5 a barrel to US$70.3 a barrel, the lowest in 2.5 months. Falls of up to four cents per litre on average should flow through to Australia in the coming weeks.
Prices are falling in Sydney in accordance with the fuel cycle and are expected to drop to around 132 cents per litre (CPL) for regular unleaded over the next two weeks. Average prices across regional centres could also fall by as much as three cents per litre.
The average price in Sydney today is 148.9 CPL for regular unleaded and is falling around two cents per day. The gap between the cheapest (128.7 CPL) and most expensive (173.9 CPL) service stations in Sydney is currently 45 CPL.